I am irdebted to Mr. A. Monell, formerly of the Carnegie Steel Company, for a careful reading of the manuscript in conjunction with, a naval attache of the Russian Government. The manuscript has also been read by Mr. Julian Kennedy. Much informatior. has been taken at first hand from the Russian Journal of Financial Statistics and The Mining Industries of Russia, and some from Consular Report No. 555 of the British Foreign office. A paper by Bauerman, Journal I. & S. I., Vol. 1,1898, and articles in Stahl und JSisen, by Neumark and Houvy, furnished much in the way of detail. A description by Head* of the South Russian industry has also been drawn upon. In statistics concerning Russia, the weights are given in poods and the values in roubles. One pood is-aboufc 36.14 pounds, and hence 62 poods are one gross ton. A rouble is 51.5 cents, and this is one hundred kopecks or copecks.
SBOTIOK XXVIa.—General View:
Within ten years Russia has trebled her production of pig-iron and increased her output of steel fourfold. No other nation can show such a record. All the force of an autocratic government has been applied to the building up of home industries; ore is admitted free, a bounty is paid on all pig-iron exported, and the freight rates are very low, while pig-iron pays a duty of $14.00 per ton and steel plates $29. The Government owns two-thirds of . the railways, pays $40 per ton for rails, and it buys 40 per cent, of all the pig-iron that is not converted into steel. In 1899 the price of foundry pig in South Eussia was $25.50 per ton, but in the panic of 1901 it fell for .a time to $14.50. Four-fifths -of the population in Eussia are rude mediaeval peasants, using few iron implements. The Government is, therefore, almost the only purchaser of iron • products.
The policy has been to encourage manufacture, especially in South Eussia, and the large dividends attracted foreign capital. The New Eussia Company, the oldest and largest steel works, has declared dividends since 1889 of from 15 to 125 per cent. In 1899 the aggregate capital of foreign companies in Eussia'was over $70,000,000, more than half being in mining interests. The Bel-
*'Journal Society of Arts, London, Dec., 1902